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Ethereum (ETH) Perpetual Contract Price Analysis: May 18

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Ethereum (ETH) Perpetual Contract Price Analysis: May 18
  • On May 18, the bullish ETH price analysis is at  $4780.
  • ETH’s bearish market price analysis for May 18, 2022, is $1450
  • Ethereum’s MA shows a downward trend.

In Ethereum Perpetual Future (ETH) price analysis on May 18, 2022, we use price patterns, and the Moving Average of ETH to analyze the future movement of the cryptocurrency. 

Perpetual contracts are derivative contracts similar to futures with no expiration date or settlement. Allowing them to be held or traded for an indefinite amount of time. They are gaining popularity in crypto because they allow traders to hold leveraged positions without the burden of an expiration date. Unlike futures, perpetual contracts trade close to the index price of the underlying asset due to perpetual funding rates.

Ethereum (ETH)

A platform powered by blockchain technology is ethereum, well known for its native cryptocurrency called ether, ETH, or Ethereum. Blockchain technology creates distributed consensus about the state of the Ethereum network. New blocks are asses to the very long Ethereum blockchain to process Ethereum transactions and mint new ether coins or to execute smart contracts for Ethereum dApps.

Ethereum is used by tech giants and corporations to develop customized blockchain models. In the coming years, the increased use of Ethereum will lead the creators to switch from the proof-of-work to a new consensus algorithm. 

Ethereum has been trending up over the last few weeks s anticipation build for its massive software upgrade. Investors and developers are calling it the merge and it’s expected to happen over the next few months. It will change how transactions on Ethereum are ordered, making it more efficient and sustainable for widespread use. But until that happens, crypto experts are waiting to see how investors and companies building their tech on Ethereum’s platform respond to the changes. 

Ethereum (ETH) Price Analysis

ETH price analysis on May 18, 2022, is explained below with an hourly time frame.

ETH/USDT Descending Triangle Pattern (Source: Tradingview)

The above hourly frame chart shows the Descending triangle pattern of ETH. This pattern indicates a bearish chart pattern. However, this is created by drawing one trend line that connects a series of lower highs and a horizontal second line that indicates the series of lows. Moreover, a breakdown is possible in this case, and this makes traders enter a short position and aggressively force the price of the asset even lower. 

Currently, the price of ETH is $2028.06. If the pattern continues, the price of ETH might reach the resistance level of $4780 and the buy level of ETH is $2280. If the trend reverses, then the price of ETH may fall to $1450, and the sell level of ETH is 1750.

Ethereum (ETH) Moving Average

The ETH’s Moving Average (MA) is shown in the chart below. 

Currently, ETH is in a bearish state. However, ETH lies above 50 MA (short-term). But ETH lies below 200 MA. Possibly, ETH can also move above 200 MA (long-term) soon. Once it moves above 50 MA and 200 MA levels, it completely goes to a bullish state. Moreover, there is a high possibility of a Trend reversal.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Axie Infinity’s Creator Sky Mavis Announced Plans To Reopen Ronin Bridge

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CoinFLEX Exchange Pauses Withdrawal Citing Extreme Market Conditions
  • Sky Mavis reported that the re-designed Ronin Bridge had passed an audit.
  • In April, the business received $150 million in further capital funding.

Axie Infinity’s creator, Sky Mavis, has announced plans to reopen the Ronin Bridge, which was hacked for $552 million in March. According to the most recent community update, the reopening of the Ronin Bridge, used by users to move assets between the Ronin chain and the Ethereum network, is scheduled for June 28th.

Certik Audit With Minor Changes Completed

According to the team, all node operators’ software will need to be updated as well since a hard fork is necessary for the bridge’s relaunch. In contrast, node operators who are not validators on the network will need to follow particular instructions provided by the developers to implement the system.

An estimated $552 million in Ethereum and USDC (at the time of the attack) was drained from the protocol by the Ronin bridge vulnerability at the end of March and was one of the biggest in the crypto industry.

Five of the network’s nine validator nodes, including four of Sky Mavis’ own validators, were apparently compromised by the attacker, who used stolen private keys to sign transactions. With minimal changes from Certik, Sky Mavis reported earlier this week that the re-designed Ronin Bridge had passed an audit.

Certik’s suggestions are being implemented, and the validator Governance Smart Contract will be deployed soon, Ronin stated on Tuesday. Sky Mavis has promised to either retrieve or repay the user monies that were taken as a result of the event. In April, the business received $150 million in further capital. Animoca Brands, Andreessen Horowitz, Paradigm, and others joined Binance in the fundraising effort.

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FTX Reportedly Planning To Buy Stake in Crypto Lending Firm BlockFi

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FTX Reportedly Planning To Buy Stake in Crypto Lending Firm BlockFi